EOG Resources Reports Excellent Fourth Quarter and Full Year 2019 Results - DeGolyer & MacNaughton - World Wide Petroleum Consultants

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EOG RESOURCES REPORTS EXCELLENT FOURTH QUARTER AND FULL YEAR

2019 RESULTS
February 28, 2020
EOG Resources Reports Excellent Fourth Quarter and Full Year 2019 Results; Announces 2020
Capital Program; Raises Dividend by 30 Percent
Increased Common Stock Dividend by 30 Percent to $1.50 Indicated Annual Rate

Earned $2.7 Billion Net Income in 2019, or $4.71 per Share
Generated $8.2 Billion Net Cash from Operating Activities and Significant Free Cash Flow
Exceeded Fourth Quarter and Full Year 2019 Crude Oil Production Target with Capital
Expenditures Below Target
Lease and Well and DD&A Expense Rates Below Target in Fourth Quarter and Full Year 2019
Increased Proved Reserves by 14% and Replaced 253% of 2019 Production at $8.21 per Boe
Finding Cost
$6.3 to $6.7 Billion Capital Program Targets 10 14% Crude Oil Volume Growth in 2020
2020 Capital Program and Dividend Funded with Net Cash from Operating Activities at Oil
Prices Below $50
HOUSTON EOG Resources, Inc. (EOG) today reported fourth quarter 2019 net income of $637
million, or $1.10 per share, compared with fourth quarter 2018 net income of $893 million, or
$1.54 per share. Net cash from operating activities for the fourth quarter 2019 was $1.8 billion.
For the full year 2019, EOG reported net income of $2.7 billion, or $4.71 per share, compared with
net income of $3.4 billion, or $5.89 per share, for the full year 2018. Net cash from operating
activities for the full year 2019 was $8.2 billion.
Adjusted non GAAP net income for the fourth quarter 2019 was $787 million, or $1.35 per share,
compared with adjusted non GAAP net income of $718 million, or $1.24 per share, for the same
prior year period. Adjusted non GAAP net income for the full year 2019 was $2.9 billion, or $4.98
per share, compared with adjusted non GAAP net income of $3.2 billion, or
$5.54 per share, for the full year 2018.
Increased crude oil production from high return operating areas and reductions in per unit
operating costs contributed to EOG’s strong fourth quarter 2019 financial results. Adjusted
earnings per share, discretionary cash flow and adjusted EBITDAX increased in the fourth quarter
2019 compared with the same prior year period, demonstrating EOG’s resiliency and ability to
overcome declines in commodity prices. Please refer to the attached tables for definitions and the
reconciliation of non GAAP measures to GAAP measures.
Fourth Quarter and Full Year 2019 Operating Review
Capital efficiency improvements from increased well productivity and cost reductions across
EOG’s premium plays supported strong operating and financial performance in 2019. United
States crude oil volumes grew 15 percent to 455,500 barrels of oil per day (Bopd). Total company
natural gas liquids production increased 16 percent, while total company natural gas volumes
grew 12 percent.
Total crude oil volumes in the fourth quarter 2019 were 468,900 Bopd, which was above the
midpoint of the target range and represents an eight percent increase compared with the same
prior year period. Natural gas liquids and natural gas volumes increased by 17 percent and 15
percent, respectively, during this same period. EOG incurred total expenditures of $1.5 billion in
the fourth quarter. Total cash capital expenditures before acquisitions of $1.4 billion were below
the low end of the target range. Please refer to the attached tables for definitions and the
reconciliation of non GAAP measures to GAAP measures.
EOG continued to lower operating costs during the fourth quarter 2019. Lease and well costs
declined 13 percent, transportation costs fell five percent and depreciation, depletion and
amortization (DD&A) expenses fell six percent, all on a per unit basis compared with the same
prior year period. The company also continued to implement sustainable efficiency improvements
to reduce well costs. The fourth quarter improvements brought full year 2019 well cost
reductions to seven percent, two percentage points ahead of the target.
EOG generated $2.1 billion of discretionary cash flow in the fourth quarter 2019. After
considering total cash capital expenditures before acquisitions of $1.4 billion, EOG generated free
cash flow during the fourth quarter 2019 of $723 million. For the full year 2019, EOG generated
$8.1 billion of discretionary cash flow and incurred total cash capital expenditures before
acquisitions of $6.2 billion, resulting in free cash flow of $1.9 billion. Please refer to the attached
tables for definitions and the reconciliation of non GAAP measures to GAAP measures. As is
further explained in the attached reconciliation tables, EOG now defines its free cash flow for a
period as its discretionary cash flow for such period less its total cash capital expenditures (before
acquisitions) for such period (without regards to the dividends paid in such period).
EOG believes this definition of free cash flow is more consistent with that utilized by other
companies in the industry.
“Year after year, EOG keeps getting better, delivering record operating performance in 2019.
Significant capital efficiency improvements from strong well productivity and sustainable cost
reductions allowed us to deliver higher production with less capital investment than we planned
at the beginning of the year,” said William R. “Bill” Thomas, Chairman and Chief Executive Officer.
“We did this while generating substantial free cash flow, strengthening our financial position and
increasing the dividend. This was the third consecutive year since our transition to premium
drilling that EOG delivered double digit returns and production growth along with strong free
cash flow.”
2020 Capital Plan
The purpose of EOG’s annual capital program is to generate high returns on investment and
increase the company’s business value. Exploration and development expenditures for 2020 are
expected to range from $6.3 billion to $6.7 billion, including facilities and gathering, processing
and other expenditures, and excluding acquisitions and non cash exchanges. The disciplined
capital program supports growth in crude oil production of 10 to 14 percent in 2020 and funds
dividend payments with net cash from operating activities at less than $50 oil.
Due to the decline in crude oil prices, the 2020 capital plan allocates slightly less capital to
growing oil production than in 2019. To continue to improve the company, the 2020 plan allocates
more capital than in 2019 to fund new high quality drilling potential and high return infrastructure
to further lower EOG’s cost structure and environmental footprint. With the benefit of
sustainable cost reductions and operational efficiencies, EOG expects to complete approximately
800 net wells in 2020 compared with 750 net wells in 2019. Activity will remain focused in EOG’s
highest rate of return oil assets in the Delaware Basin, Eagle Ford and Rocky Mountain Area.
“EOG’s 2020 capital plan reflects continued improvement in capital efficiency, highlights the
resiliency of our business model, and ensures the capital program and dividend payments can be
funded at a conservative oil price. Looking to the future, our 2020 plan also invests in new high
return drilling potential and infrastructure development to lower costs and further improve the
company,” Thomas said. “EOG’s sustainable competitive advantages already position us as one of
the lowest cost oil producers in the global market and we are poised to extend our cost advantage
well into the future.”
Dividend Increase
The board of directors declared a dividend of $0.375 per share on EOG’s Common Stock, an
increase of 30 percent. The dividend will be payable April 30, 2020, to stockholders of record as of
April 16, 2020. The indicated annual rate is $1.50 per share.
“EOG’s high return premium drilling program and our low cost structure allow us to continue
upholding the commitment we have made to return more cash to shareholders. This latest
dividend increase demonstrates the confidence we have in our ability to grow cash flow, generate
high returns through our premium well strategy and improve our future inventory with high
quality new drilling potential,” Thomas said.
Reserves
At year end 2019, total company net proved reserves were 3,329 million barrels of oil equivalent
(MMBoe), a 14 percent increase compared with year end 2018. Net proved reserve additions from
all sources, excluding revisions due to price, replaced 253 percent of EOG’s 2019 production at a
finding and development cost of $8.21 per barrel of oil equivalent. Revisions due to price
decreased net proved reserves by 60 MMBoe and asset divestitures decreased net proved
reserves by five MMBoe. For more reserves detail and a reconciliation of non GAAP measures to
GAAP measures please refer to the attached tables.
For the 32nd consecutive year, internal reserves estimates were within five percent of estimates
independently prepared by DeGolyer and MacNaughton.
Financial Review
EOG further strengthened its financial position during the fourth quarter 2019. At December 31,
2019, EOG’s total debt outstanding was $5.2 billion for a debt to total capitalization ratio of 19
percent. Considering cash on the balance sheet at the end of the fourth quarter, EOG’s net debt
was $3.1 billion for a net debt to total capitalization ratio of 13 percent. For definitions and the
reconciliation of non GAAP measures to GAAP measures, please refer to the attached tables.
Fourth Quarter 2019 Results Webcast
Friday, February 28, 2020, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be
available on EOG’s website for one year. http://investors.eogresources.com/Investors
About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and
production companies in the United States with proved reserves in the United States, Trinidad,
and China. To learn more visit www.eogresources.com.
Investor Contacts
David Streit 713 571 4902 Neel Panchal 713 571 4884
Media and Investor Contact
Kimberly Ehmer 713 571 4676
This press release may include forward looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. All statements, other than statements of historical facts, including, among others,
statements and projections regarding EOG’s future financial position, operations, performance,
business strategy, returns, budgets, reserves, levels of production, capital expenditures, costs and
asset sales, statements regarding future commodity prices and statements regarding the plans
and objectives of EOG’s management for future operations, are forward looking statements. EOG
typically uses words such as “expect,” “anticipate,” “estimate,” “project,” “strategy,” “intend,” “plan,”
“target,” “aims,” “goal,” “may,” “will,” “should” and “believe” or the negative of those terms or other
variations or comparable terminology to identify its forward looking statements. In particular,
statements, express or implied, concerning EOG’s future operating results and returns or EOG’s
ability to replace or increase reserves, increase production, generate returns, replace or increase
drilling locations, reduce or otherwise control operating costs and capital expenditures, generate
cash flows, pay down or refinance indebtedness or pay and/or increase dividends are forward
looking statements. Forward looking statements are not guarantees of performance.
Although EOG believes the expectations reflected in its forward looking statements are
reasonable and are based on reasonable assumptions, no assurance can be given that these
assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will
prove to have been correct. Moreover, EOG’s forward looking statements may be affected by
known, unknown or currently unforeseen risks, events or circumstances that may be outside
EOG’s control. Furthermore, this press release and any accompanying disclosures may include or
reference certain forward looking, non GAAP financial measures, such as free cash flow or
discretionary cash flow, and certain related estimates regarding future performance, results and
financial position. Because we provide
these measures on a forward looking basis, we cannot reliably or reasonably predict certain of the
necessary components of the most directly comparable forward looking GAAP measures, such as
future impairments and future changes in working capital. Accordingly, we are unable to present a
quantitative reconciliation of such forward looking, non GAAP financial measures to the
respective most directly comparable forward looking GAAP financial measures. Management
believes these forward looking, non GAAP measures may be a useful tool for the investment
community in comparing EOG’s forecasted financial performance to the forecasted financial
performance of other companies in the industry. Any such forward looking measures and
estimates are intended to be illustrative only and are not intended to reflect the results that EOG
will necessarily achieve for the period(s) presented; EOG’s actual results may differ materially
from such measures and estimates. Important factors that could cause EOG’s actual results to
differ materially from the expectations reflected in EOG’s forward looking statements include,
among others:
the timing, extent and duration of changes in prices for, supplies of, and demand for, crude oil
and condensate, natural gas liquids, natural gas and related commodities;
the extent to which EOG is successful in its efforts to acquire or discover additional
reserves;
the extent to which EOG is successful in its efforts to (i) economically develop its acreage in,
(ii) produce reserves and achieve anticipated production levels and rates of return from, (iii)
decrease or otherwise control its drilling, completion, operating and capital costs related to,
and (iv) maximize reserve recovery from, its existing and future crude oil and natural gas
exploration and development projects and associated potential and existing drilling
locations;
the extent to which EOG is successful in its efforts to market its crude oil and condensate,
natural gas liquids, natural gas and related commodity production;
security threats, including cybersecurity threats and disruptions to our business and
operations from breaches of our information technology systems, physical breaches of our
facilities and other infrastructure or breaches of the information technology systems,
facilities and infrastructure of third parties with which we transact business;
the availability, proximity and capacity of, and costs associated with, appropriate gathering,
processing, compression, storage, transportation and refining facilities;
the availability, cost, terms and timing of issuance or execution of, and competition for,
mineral licenses and leases and governmental and other permits and rights of way, and
EOG’s ability to retain mineral licenses and leases;
the impact of, and changes in, government policies, laws and regulations, including tax laws
and regulations; climate change and other environmental, health and safety laws and
regulations relating to air emissions, disposal of produced water, drilling fluids and other
wastes, hydraulic fracturing and access to and use of water; laws and regulations imposing
conditions or restrictions on drilling and completion operations and on the transportation of
crude oil and natural gas; laws and regulations with respect to derivatives and hedging
activities; and laws and regulations with respect to the import and export of crude oil,
natural gas and related commodities;
EOG’s ability to effectively integrate acquired crude oil and natural gas properties into its
operations, fully identify existing and potential problems with respect to such properties and
accurately estimate reserves, production and drilling, completing and operating costs with
respect to such properties;
the extent to which EOG’s fourth party operated crude oil and natural gas properties are
operated successfully and economically;
competition in the oil and gas exploration and production industry for the acquisition of
licenses, leases and properties, employees and other personnel, facilities, equipment,
materials and services;
the availability and cost of employees and other personnel, facilities, equipment, materials
(such as water and tubulars) and services;
the accuracy of reserve estimates, which by their nature involve the exercise of professional
judgment and may therefore be imprecise;
weather, including its impact on crude oil and natural gas demand, and weather related
delays in drilling and in the installation and operation (by EOG or fourth parties) of
production, gathering, processing, refining, compression, storage and transportation
facilities;
the ability of EOG’s customers and other contractual counterparties to satisfy their
obligations to EOG and, related thereto, to access the credit and capital markets to obtain
financing needed to satisfy their obligations to EOG;
EOG’s ability to access the commercial paper market and other credit and capital markets to
obtain financing on terms it deems acceptable, if at all, and to otherwise satisfy its capital
expenditure requirements;
the extent to which EOG is successful in its completion of planned asset dispositions;
the extent and effect of any hedging activities engaged in by EOG;
the timing and extent of changes in foreign currency exchange rates, interest rates, inflation
rates, global and domestic financial market conditions and global and domestic general
economic conditions;
geopolitical factors and political conditions and developments around the world (such as the
imposition of tariffs or trade or other economic sanctions, political instability and armed
conflict), including in the areas in which EOG operates;
the use of competing energy sources and the development of alternative energy sources;
the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in
excess of its insurance coverage;
acts of war and terrorism and responses to these acts; and
the other factors described under ITEM 1A, Risk Factors, on pages 13 through 23 of EOG’s
Annual Report on Form 10 K for the fiscal year ended December 31, 2019 and any updates
to those factors set forth in EOG’s subsequent Quarterly Reports on Form 10 Q or Current
Reports on Form 8
In light of these risks, uncertainties and assumptions, the events anticipated by EOG’s forward
looking statements may not occur, and, if any of such events do, we may not have anticipated the
timing of their occurrence or the duration or extent of their impact on our actual results.
Accordingly, you should not place any undue reliance on any of EOG’s forward looking statements.
EOG’s forward looking statements speak only as of the date made, and EOG undertakes no
obligation, other than as required by applicable law, to update or revise its forward looking
statements, whether as a result of new information, subsequent events, anticipated or
unanticipated circumstances or otherwise.
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in
their filings with the SEC, to disclose not only “proved” reserves (i.e., quantities of oil and gas that
are estimated to be recoverable with a high degree of confidence), but also “probable” reserves
(i.e., quantities of oil and gas that are as likely as not to be recovered) as well as “possible” reserves
(i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than
probable reserves). Statements of reserves are only estimates and may not correspond to the
ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this
press release that are not specifically designated as being estimates of proved reserves may
include “potential” reserves, “resource potential” and/or other estimated reserves or estimated
resources not necessarily calculated in accordance with, or contemplated by, the SEC’s latest
reserve reporting guidelines.
Investors are urged to consider closely the disclosure in EOG’s Annual Report on Form 10 K for
the fiscal year ended December 31, 2019, available from EOG at P.O. Box 4362, Houston, Texas
77210 4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1
800 SEC 0330 or from the SEC’s website at www.sec.gov. In addition, reconciliation and
calculation schedules for non GAAP financial measures can be found on the EOG website at
www.eogresources.com.
FINANCIAL REPORT
(Unaudited; in millions, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,

2019 2018
2018 2019
Operating Revenues $ $ $
$ 4,320.2
and Other 4,574.5 17,380.0 17,275.4
$ $
Net Income $ 636.5 $ 3,419.0
892.8 2,734.9

Net Income Per Share
$
Basic $ 1.10 $ 4.73 $ 5.93
1.55
$
Diluted $ 1.10 $ 4.71 $ 5.89
1.54
Average Number of Common
Shares

Basic 578.2 577.0 577.7 576.6

Diluted
580.8 580.3 580.8 580.4
Summary Income Statements (Unaudited; in thousands, except per share data)

December December
31, 31,
2019 2019
2018 2018
Operating Revenues and Other
$ 2,464,274 $ $ 9,612,532 $
Crude Oil and Condensate
2,383,326 9,517,440
215,070 784,818
Natural Gas Liquids
266,037 1,127,510
309,606 1,184,095
Natural Gas
389,213 1,301,537
Gains (Losses) on Mark-to-
Market Commodity
(62,347) 180,275
Derivative Contracts 132,095 (165,640)
Gathering, Processing and 1,238,792 5,360,282

Marketing 1,331,105 5,230,355
Gains on Asset Dispositions, 119,963
123,613 174,562
Net 79,904
34,888 134,358
Other, Net
(7,144) 89,635
4,320,246 17,379,973
Total
4,574,536 17,275,399
Operating Expenses
334,538 1,366,993
Lease and Well
346,442 1,282,678
208,312
Transportation Costs 758,300 746,876
196,095
127,615
Gathering and Processing Costs 479,102 436,973
112,396
36,495
Exploration Costs 139,881 148,999
33,862
Dry Hole Costs – 145 28,001 5,405
228,135
Impairments 517,896 347,021
186,087
1,237,259 5,351,524
Marketing Costs
1,349,416 5,203,243
Depreciation, Depletion and 959,208 3,749,704
Amortization 919,963 3,435,408
125,187
General and Administrative 489,397 426,969
116,904
199,746 800,164
Taxes Other Than Income
190,086 772,481
3,456,495 13,680,962
Total
3,451,396 12,806,053
863,751 3,699,011
Operating Income
1,123,140 4,469,346
8,152 31,385
Other Income, Net
21,220 16,704
Income Before Interest Expense 871,903 3,730,396
and Income Taxes 1,144,360 4,486,050
40,695 185,129
Interest Expense, Net
56,020 245,052
831,208 3,545,267
Income Before Income Taxes
1,088,340 4,240,998
194,687 810,357
Income Tax Provision
195,572 821,958
$ 636,521 $ $ 2,734,910 $
Net Income
892,768 3,419,040
Dividends Declared per $ 0.2875 $ $ 1.0825 $
Common Share 0.2200 0.8100
EOG RESOURCES, INC.
Operating Highlights (Unaudited)

December December

31, 31,
2019 % 2019 %
2018 Change 2018 Change
Wellhead Volumes and

Prices
Crude Oil and
Condensate Volumes
(MBbld) (A)
United States 468.3 430.3 9% 455.5 394.8 15%
Trinidad 0.5 0.8 -38% 0.6 0.8 -25%
0.1 0.1
Other International (B) -98% -98%
4.5 4.3
468.9
Total 8% 456.2 399.9 14%
435.6

Average Crude Oil and Condensate Prices ($/Bbl) (C)
$ $ $ $
United States -4% -11%
57.14 59.37 57.74 65.16
Trinidad 46.73 51.80 -10% 47.16 57.26 -18%
Other International (B) 53.76 70.44 -24% 57.40 71.45 -20%
Composite 57.13 59.47 -4% 57.72 65.21 -11%

Natural Gas Liquids

Volumes (MBbld) (A)
United States 144.0 122.8 17% 134.1 116.1 16%

Other International (B) – – – –
Total 144.0 122.8 17% 134.1 116.1 16%

Average Natural Gas

Liquids Prices ($/Bbl)
(C)
$ $ $ $
United States -31% -40%
16.23 23.54 16.03 26.60
Other International (B) – – – –
Composite 16.23 23.54 -31% 16.03 26.60 -40%

Natural Gas Volumes

(MMcfd) (A)
United States 1,148 974 18% 1,069 923 16%

Trinidad 242 230 5% 260 266 -2%
Other International (B) 35 32 9% 37 30 23%
Total 1,425 1,236 15% 1,366 1,219 12%

Average Natural Gas

Prices ($/Mcf) (C)
$ $
United States $ 2.20 -37% $ 2.22 -23%
3.50 2.88
Trinidad 2.78 3.03 -8% 2.72 2.94 -7%
Other International (B) 4.88 4.02 22% 4.44 4.08 9%
Composite 2.36 3.42 -31% 2.38 2.92 -19%

Crude Oil Equivalent
Volumes (MBoed) (D)
United States 803.6 715.5 12% 767.8 664.7 16%

Trinidad 40.9 39.0 5% 44.0 45.1 -2%

Other International (B) 5.8 -42% 6.2 9.4 -34%
10.0
Total 850.3 764.5 11% 818.0 719.2 14%
Total MMBoe (D) 78.2 70.3

11% 298.6 262.5 14%
Thousand barrels per day or million cubic feet per day, as

Other International includes EOG’s United Kingdom, China and Canada The United Kingdom
operations were sold in the fourth quarter of 2018.
Dollars per barrel or per thousand cubic feet, as Excludes the impact of financial commodity
derivative instruments (see Note 12 to the Consolidated Financial Statements in EOG’s
Annual Report on Form 10-K for the year ended December 31, 2019).
Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable;
includes crude oil and condensate, NGLs and natural Crude oil equivalent volumes are
determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand
cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the
number of days in the period and then dividing that amount by one thousand.
Summary Balance Sheets (Unaudited; in thousands, except share data)

2019
2018
ASSETS
Current Assets
$
Cash and Cash Equivalents $ 2,027,972
1,555,634
Accounts Receivable, Net 2,001,658 1,915,215
Inventories 767,297 859,359
Assets from Price Risk Management
1,299 23,806
Activities
Income Taxes Receivable 151,665 427,909
Other 323,448 275,467
Total 5,273,339 5,057,390

Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method) 62,830,415 57,330,016

Other Property, Plant and Equipment 4,472,246 4,220,665
Total Property, Plant and Equipment 67,302,661 61,550,681
Less: Accumulated Depreciation, Depletion and
(36,938,066)
Amortization (33,475,162)
Total Property, Plant and Equipment, Net 30,364,595 28,075,519
Deferred Income Taxes 2,363 777
Other Assets 1,484,311 800,788
Total Assets $ 37,124,608 $
33,934,474
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
$
Accounts Payable $ 2,429,127
2,239,850
Accrued Taxes Payable 254,850 214,726
Dividends Payable 166,273 126,971
Liabilities from Price Risk Management
20,194 –
Activities
Current Portion of Long-Term Debt 1,014,524 913,093
Current Portion of Operating Lease
369,365 –
Liabilities
Other 232,655 233,724
Total 4,486,988 3,728,364
Long-Term Debt 4,160,919 5,170,169

Other Liabilities 1,789,884 1,258,355
Deferred Income Taxes Commitments and
5,046,101 4,413,398
Contingencies
Stockholders’ Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and
582,213,016 Shares and 580,408,117 Shares

Issued
205,822 205,804
at December 31, 2019 and 2018, respectively
Additional Paid in Capital 5,817,475 5,658,794

Accumulated Other Comprehensive Loss (4,652) (1,358)
Retained Earnings 15,648,604 13,543,130
Common Stock Held in Treasury, 298,820 Shares
and
385,042 Shares at December 31, 2019 and 2018, (26,533) (42,182)
respectively
Total Stockholders’ Equity 21,640,716 19,364,188

$
Total Liabilities and Stockholders’ Equity $ 37,124,608
33,934,474
EOG RESOURCES, INC.
Summary Statements of Cash Flows

(Unaudited; in thousands)
December December
31, 31,

Cash Flows from Operating Activities

2019 2019
2018 2018
Reconciliation of Net Income to Net Cash

Provided by Operating Activities:
$ 636,521 $ 2,734,910 $
Net Income
$ 892,768 3,419,040
Items Not Requiring (Providing) Cash
959,208 3,749,704
Depreciation, Depletion and Amortization
919,963 3,435,408
228,135 517,896
Impairments
186,087 347,021
42,415 174,738
Stock-Based Compensation Expenses
39,047 155,337
123,082 631,658
Deferred Income Taxes
212,454 894,156
(119,963) (123,613)
Gains on Asset Dispositions, Net
(79,904) (174,562)
341 4,496
Other, Net
(8,248) 7,066
28,001
Dry Hole Costs – 145
5,405
Mark-to-Market Commodity Derivative

Contracts
62,347 (180,275)
Total (Gains) Losses
(132,095) 165,640
Net Cash Received from (Payments for)
91,521 231,229
Settlements of Commodity Derivative
(78,678) (258,906)
Contracts
(253)
Other, Net 962 3,108
1,456
Changes in Components of Working Capital

and Other Assets and Liabilities
(85,937) (91,792)
Accounts Receivable
185,349 (368,180)
34,686 90,284
Inventories
(108,591) (395,408)
34,286 168,539
Accounts Payable
(98,178) 439,347
(47,925) 40,122
Accrued Taxes Payable
(55,570) (92,461)
(36,572) 358,001
Other Assets
(22,101) (125,435)
(38,304) (56,619)
Other Liabilities
25,725 10,949

Associated with Investing and Financing

Activities
(76,384) 205,599 (115,061) 301,083
Net Cash Provided by Operating Activities 1,807,204 2,085,228 8,163,180 7,768,608
Investing Cash Flows
Additions to Oil and Gas Properties (1,285,003) (1,267,362) (6,151,885) (5,839,294)
Additions to Other Property, Plant and
(83,291) (34,797) (270,641) (237,181)
Equipment
Proceeds from Sales of Assets 104,883 215,864 140,292 227,446
Other Investing Activities (10,000) – (10,000) (19,993)
Associated with Investing Activities 76,384 (205,599) 115,061 (301,140)
Net Cash Used in Investing Activities (1,197,027) (1,291,894) (6,177,173) (6,170,162)

Financing Cash Flows
Long-Term Debt Repayments – (350,000) (900,000) (350,000)
Dividends Paid (167,349) (126,970) (588,200) (438,045)
Treasury Stock Purchased (2,914) (4,898) (25,152) (63,456)
Proceeds from Stock Options Exercised and
8,388 8,462 17,946 20,560
Employee Stock Purchase Plan
Debt Issuance Costs – – (5,016) –
Repayment of Finance Lease Obligation (3,261) (3,167) (12,899) (8,219)
Changes in Components of Working Capital – – –
Associated with Financing Activities 57
Net Cash Used in Financing Activities (165,136) (476,573) (1,513,321) (839,103)

Effect of Exchange Rate Changes on Cash
(174) (35,259) (348) (37,937)
Increase in Cash and Cash Equivalents 444,867 281,502 472,338 721,406
Cash and Cash Equivalents at Beginning of
Period 1,583,105 1,274,132 1,555,634 834,228
$ $ $ $
Cash and Cash Equivalents at End of Period
2,027,972 1,555,634 2,027,972 1,555,634
FOURTH QUARTER 2019 WELL RESULTS BY PLAY (UNAUDITED)
Wells On Line Initial Gross 30-Day Average Production

Rate
Crude Oil Natural

Crude Oil
Lateral and Gas
Natural
Length Equivalent
Condensate Liquids Gas
Gross (Bbld) (MMcfd)

(ft) (Bbld) (A) (Boed) (B)
Net (A) (A)
Delaware Basin
Wolfcamp 23 20 9,400 2,500 750 3.7 3,850
Bone Spring 17 15 8,000 1,850 450 2.3 2,700
Leonard 11 11 8,000 2,350 900 4.6 4,000
South Texas Eagle
67 64 7,400 1,100 150 0.6 1,350
Ford
South Texas Austin
9 9 6,100 1,650 300 1.4 2,200
Chalk
Powder River Basin
Turner / Parkman 7 6 8,900 900 150 3.5 1,650
Niobrara 1 1 8,800 950 50 0.7 1,100
DJ Basin Codell /
12 11 11,400 850 50 0.4 950
Niobrara
Williston Basin
6 5 10,100 2,250 250 1.9 2,800
Bakken/Three Forks

Barrels per day or million cubic feet per day, as
Barrels of oil equivalent per day; includes crude oil and condensate, natural gas liquids and
natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude
oil and condensate or natural gas liquids to 6.0 thousand cubic feet of natural
EOG RESOURCES, INC.
Reconciliation of Adjusted Net Income (Unaudited; in thousands, except per share data)
The following chart adjusts the three-month and twelve-month periods ended December 31, 2019
and 2018 reported Net Income (GAAP) to reflect actual net cash received from (payments for)
settlements of commodity derivative contracts by eliminating the unrealized mark-to-market
(gains) losses from these transactions, to eliminate the net gains on asset dispositions in 2019 and
2018, to add back impairment charges related to certain of EOG’s assets in 2019 and 2018 and to
eliminate certain adjustments in 2018 related to the 2017 U.S. tax reform. EOG believes this
presentation may be useful to investors who follow the practice of some industry analysts who
adjust reported company earnings to match hedge realizations to production settlement months
and make certain other adjustments to exclude non-recurring and certain other items. EOG
management uses this information for purposes of comparing its financial performance with the
financial performance of other companies in the industry.
Three Months Ended Three Months Ended
December 31, 2019 December 31, 2018

Income Diluted Income Diluted
Tax Earnings Tax Earnings
After After
Before Before

per per
Tax Impact Tax Share Tax Impact Tax Share
Reported Net $ $ $ $ $ $ $ $
Income (GAAP) 831,208 (194,687) 636,521 1.10 1,088,340 (195,572) 892,768 1.54
Adjustments:
(Gains) Losses on Mark-to-Market Commodity
Derivative Contracts 62,347 (13,684) 48,663

0.08 (132,095) 29,096 (102,999) (0.18)
Settlements
of

Commodity
Derivative
Contracts 91,521 (20,087) 71,434 0.12 (78,678) 17,330 (61,348) (0.11)
Less: Gains
on Asset
(119,963) 26,342 (93,621) (0.16) (79,904) 13,625 (66,279) (0.11)
Dispositions,
Net
Add:
158,725 (34,837) 123,888 0.21 131,795 (29,031) 102,764 0.18
Impairments
Less: Tax – – – – –
Reform (46,684) (46,684) (0.08)
Impact
Adjustments

to Net
192,630 (42,266) 150,364 0.25 (158,882) (15,664) (174,546) (0.30)
Income
Adjusted
$ $ $ $ $ $ $ $
Net Income
1,023,838 (236,953) 786,885 1.35 929,458 (211,236) 718,222 1.24
(Non-GAAP)

Average
Number of
Common
Shares
578,219 577,035
(GAAP)
Basic
Diluted 580,849 580,288
Twelve Months Ended Twelve Months Ended
December 31, 2019 December 31, 2018
Income Diluted Income Diluted

Tax Earnings Tax Earnings
Before After Before After

per per
Tax Impact Tax Share Tax Impact Tax Share
Reported Net
$ $ $ $ $ $ $ $
Income
3,545,267 (810,357) 2,734,910 4.71 4,240,998 (821,958) 3,419,040 5.89
(GAAP)
Adjustments:
(Gains) Losses on Mark-to-Market Commodity
Derivative Contracts (180,275) 39,567 (140,708) (0.24)

165,640 (36,486) 129,154 0.22
Settlements
of

Commodity
Derivative
Contracts 231,229 (50,750) 180,479 0.31 (258,906) 57,029 (201,877) (0.35)
Less: Gains
on Asset
(123,613) 27,252 (96,361) (0.17) (174,562) 37,860 (136,702) (0.24)
Dispositions,
Net
Add:
274,974 (60,351) 214,623 0.37 152,671 (33,629) 119,042 0.21
Impairments
Less: Tax
– – – – –
Reform
(110,335) (110,335) (0.19)
Impact
Adjustments

to Net
202,315 (44,282) 158,033 0.27 (115,157) (85,561) (200,718) (0.35)
Income
Adjusted $ $ $ $ $ $ $ $
Net Income 3,747,582 (854,639) 2,892,943 4.98 4,125,841 (907,519) 3,218,322 5.54
(Non-GAAP)

Average
Number of

Common
Shares
577,670 576,578
(GAAP)
Basic
Diluted 580,777 580,441
Reconciliation of Discretionary Cash Flow (Unaudited; in thousands)
Calculation of Free Cash Flow (Unaudited; in thousands)
The following chart reconciles the three-month periods ended December 31, 2019 and 2018 and
twelve-month periods ended December 31, 2019, 2018 and 2017 Net Cash Provided by
Operating Activities (GAAP) to Discretionary Cash Flow (Non-GAAP). EOG believes this
presentation may be useful to investors who follow the practice of some industry analysts who
adjust Net Cash Provided by Operating Activities for Exploration Costs (excluding Stock-Based
Compensation Expenses), Other Non-Current Income Taxes – Net (Payable) Receivable, Changes
in Components of Working Capital and Other Assets and Liabilities, and Changes in Components
of Working Capital Associated with Investing and Financing Activities. EOG defines Free Cash
Flow (Non-GAAP) for a given period as Discretionary Cash Flow (Non-GAAP) (see below
reconciliation) for such period less the total cash capital expenditures (before acquisitions)
incurred (Non-GAAP) during such period, as is illustrated below for the three months ended
December 31, 2019 and 2018 and twelve months ended December 31, 2019, 2018 and 2017. EOG
management uses this information for comparative purposes within the industry.
December 31, December

31,
2019 2018 2019 2018
2017
Net Cash Provided by Operating $ $ $ $ $

Activities (GAAP) 1,807,204 2,085,228 8,163,180 7,768,608 4,265,336
Adjustments:
Exploration Costs (excluding
Stock-Based Compensation 28,483 27,270 113,733 123,986 122,688
Expenses)
Other Non-Current Income
59,174 86,572 238,711 148,993 (513,404)
Taxes – Net (Payable) Receivable
Changes in Components of
Working Capital and Other
Assets
and Liabilities
Accounts Receivable 85,937 (185,349) 91,792 368,180 392,131
Inventories (34,686) 108,591 (90,284) 395,408 174,548
Accounts Payable (34,286) 98,178 (168,539) (439,347) (324,192)
Accrued Taxes Payable 47,925 55,570 (40,122) 92,461 63,937
Other Assets 36,572 22,101 (358,001) 125,435 658,609
Other Liabilities 38,304 (25,725) 56,619 (10,949) 89,871
Changes in Components of

Working Capital Associated with
Investing and Financing
Activities 76,384 (205,599) 115,061 (301,083) (89,992)
Discretionary Cash Flow (Non- $ $ $ $ $
GAAP) 2,111,011 2,066,837 8,122,150 8,271,692 4,839,532

Discretionary Cash Flow (Non-

GAAP) – Percentage 2% -2% 71%
Increase/Decrease

Discretionary Cash Flow (Non- $ $ $ $
4,839,532
GAAP) 2,111,011 2,066,837 8,122,150 8,271,692
Less:
Total Cash Capital Expenditures

Before Acquisitions (Non-GAAP)
(1,388,233) (1,302,999) (6,234,454) (6,172,950) (4,228,859)
(a)
$ $ $ $ $
Free Cash Flow (Non-GAAP) (b)
722,778 763,838 1,887,696 2,098,742 610,673
See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures
Before Acquisitions (Non-GAAP) for the three-month periods ended December 31, 2019 and
2018 and twelve- month periods ended December 31, 2019, 2018 and 2017:
$ $ $ $ $
Total Expenditures (GAAP)
1,506,061 1,504,438 6,900,450 6,706,359 4,612,746
Less:
Asset Retirement Costs (34,537) (27,910) (186,088) (69,699) (55,592)
Non-Cash Expenditures of
Other Property, Plant and (1,680) (547) (2,266) (49,484) –
Equipment
Non-Cash Acquisition Costs of
(33,317) (128,719) (97,704) (290,542) (255,711)
Unproved Properties
Acquisition Costs of Proved
Properties (48,294) (44,263) (379,938) (123,684) (72,584)
Total Cash Capital
$ $ $ $ $
Expenditures Before
1,388,233 1,302,999 6,234,454 6,172,950 4,228,859
Acquisitions (Non-GAAP)
To better align the presentation of free cash flow for comparative purposes within the
industry, free cash flow has been updated to exclude dividends paid (GAAP) as a reconciling
item for the three- month and twelve-month periods ending December 31, 2019. The
comparative prior periods have been revised for this change in

Maintenance Capital Expenditures
The capital expenditures required to fund drilling as well as infrastructure requirements to keep
oil production flat relative to 2019 across all premium oil plays.
EOG RESOURCES, INC.
Reconciliation of Discretionary Cash Flow (Unaudited; in thousands)
Calculation of Free Cash Flow (Unaudited; in thousands)
The following chart reconciles the twelve-month periods ended December 31, 2014, 2013 and
2012 Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flow (Non-GAAP).
EOG believes this presentation may be useful to investors who follow the practice of some
industry analysts who adjust Net Cash Provided by Operating Activities for Exploration Costs
(excluding Stock-Based Compensation Expenses), Excess Tax Benefits from Stock-Based
Compensation, Changes in Components of Working Capital and Other Assets and Liabilities, and
Changes in Components of Working Capital Associated with Investing and Financing Activities.
EOG defines Free Cash Flow (Non-GAAP) for a given period as Discretionary Cash Flow (Non-
GAAP) (see below reconciliation) for such period less the total cash capital expenditures (before
acquisitions) incurred (Non-GAAP) during such period, as is illustrated below for the twelve
months ended December 31, 2014, 2013 and 2012. EOG management uses this information for
comparative purposes within the industry.
Twelve Months
Ended

December 31,

2013
2014 2012
Net Cash Provided by Operating Activities $ $
$ 7,329,414
(GAAP) 8,649,155 5,236,777
Adjustments:
Exploration Costs (excluding Stock-Based
157,453 134,531 159,182
Compensation Expenses)
Excess Tax Benefits from Stock-Based
99,459 55,831 67,035
Compensation
Changes in Components of Working Capital and

Other Assets
and Liabilities
Accounts Receivable (84,982) 23,613 178,683
Inventories 161,958 (53,402) 156,762
Accounts Payable (543,630) (178,701) 17,150
Accrued Taxes Payable (16,486) (75,142) (78,094)
Other Assets 14,448 109,567 118,520
Other Liabilities (75,420) 20,382 (36,114)

Associated with
Investing and Financing Activities 51,361 (74,158)
103,414
$ $ $
Discretionary Cash Flow (Non-GAAP)
8,465,369 7,417,454 5,745,743

Discretionary Cash Flow (Non-GAAP) –
14% 29%
Percentage Increase

$ $
Discretionary Cash Flow (Non-GAAP) 5,745,743
8,465,369 7,417,454
Less:
Total Cash Capital Expenditures Before
Acquisitions (Non-GAAP) (a) (8,292,090) (7,101,791) (7,539,994)
$ $ $
Free Cash Flow (Non-GAAP) (b)
173,279 315,663 (1,794,251)
See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures
Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2014,
2013 and 2012:
$ $
Total Expenditures (GAAP) $ 8,631,906
7,361,457 7,753,828
Less:
Asset Retirement Costs (195,630) (134,445) (126,987)
Non-Cash Expenditures of Other Property,
– – (65,791)
Plant and Equipment
Non-Cash Acquisition Costs of Unproved
(5,085) (5,007) (20,317)
Properties

Acquisition Costs of Proved Properties (139,101)
(120,214) (739)
Total Cash Capital Expenditures Before $ $
$ 8,292,090
Acquisitions (Non-GAAP) 7,101,791 7,539,994
To better align the presentation of free cash flow for comparative purposes within the
industry, free cash flow has been updated to exclude dividends paid (GAAP) as a reconciling
item. The comparative prior periods presented herein have been revised for this change in
Maintenance Capital Expenditures
The capital expenditures required to fund drilling as well as infrastructure requirements to keep
oil production flat relative to 2019 across all premium oil plays.
TOTAL EXPENDITURES (UNAUDITED; IN MILLIONS)

2019 2018 2019 2018 2017
Exploration and Development $

$ 1,086 $ 1,092 $ 4,951 $ 4,935
Drilling 3,132
Facilities 130 107 629 625 575
Leasehold Acquisitions 75 157 276 488 427
Property Acquisitions 48 45 380 124 73

Capitalized Interest 10 6 38 24
27
Subtotal 1,349 1,407 6,274 6,196 4,234
Exploration Costs 37 34 140 149 145

Dry Hole Costs – – 28 5
5
Exploration and Development
1,386 1,441 6,442 6,350 4,384
Expenditures

Asset Retirement Costs 35 28 70
186 56
Total Exploration and
1,421 1,469 6,628 6,420 4,440
Development Expenditures
Other Property, Plant and
85 35
Equipment 272 286 173
$ $ $ $
Total Expenditures $ 1,506
1,504 6,900 6,706 4,613
Reconciliation of Adjusted EBITDAX (Unaudited; in thousands)
The following chart adjusts the three-month and twelve-month periods ended December 31, 2019
and 2018 reported Net Income (GAAP) to Earnings Before Interest Expense (Net), Income Taxes
(Income Tax Provision), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole
Costs and Impairments (EBITDAX) (Non-GAAP) and further adjusts such amount to reflect actual
net cash received from (payments for) settlements of commodity derivative contracts by
eliminating the unrealized mark-to-market (MTM) (gains) losses from these transactions and to
eliminate the gains on asset dispositions (Net). EOG believes this presentation may be useful to
investors who follow the practice of some industry analysts who adjust reported Net Income
(GAAP) to add back Interest Expense (Net), Income Taxes (Income Tax Provision), Depreciation,
Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments and further
adjust such amount to match realizations to production settlement months and make certain
other adjustments to exclude non-recurring and certain other items. EOG management uses this
information for purposes of comparing its financial performance with the financial performance of
other companies in the industry.

2019 2018 2019 2018

Net Income (GAAP) $ $ $ $
636,521 892,768 2,734,910 3,419,040
Adjustments:
Interest Expense, Net 40,695 56,020 185,129 245,052
Income Tax Provision 194,687 195,572 810,357 821,958

Depreciation, Depletion and Amortization 959,208 919,963 3,749,704 3,435,408
Exploration Costs 36,495 33,862 139,881 148,999
Dry Hole Costs – 145 28,001 5,405

Impairments 186,087 517,896 347,021
228,135
EBITDAX (Non-GAAP) 2,095,741 2,284,417 8,165,878 8,422,883
Total (Gains) Losses on MTM Commodity
62,347 (132,095) (180,275) 165,640
Derivative Contracts

Settlements of Commodity
91,521 (78,678) 231,229 (258,906)
Derivative Contracts

Gains on Asset Dispositions, Net (79,904) (123,613) (174,562)
(119,963)
$
Adjusted EBITDAX (Non-GAAP) $ 1,993,740 $ 8,093,219 $ 8,155,055
2,129,646

Adjusted EBITDAX (Non-GAAP) –
7% -1%
Percentage Increase/Decrease
Reconciliation of Net Debt and Total Capitalization Calculation of Net Debt-to-Total

Capitalization Ratio (Unaudited; in millions, except ratio data)
The following chart reconciles Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and
Total Capitalization (GAAP) to Total Capitalization (Non- GAAP), as used in the Net Debt-to-Total
Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries;
tax considerations may impact debt paydown. EOG believes this presentation may be useful to
investors who follow the practice of some industry analysts who utilize Net Debt and Total
Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG
management uses this information for comparative purposes within the industry.
At December 31,

2019
2018 2017 2016
Total Stockholders’ Equity –
(a) $ $ $
$ 19,364 16,283 13,982
21,641
Current and Long-Term Debt (GAAP) – (b) 5,175 6,083 6,387 6,986

Less: Cash
(2,028) (1,556) (834) (1,600)

Net Debt (Non-GAAP) – (c)
3,147 4,527 5,553 5,386
$ $ $ $
Total Capitalization (GAAP) – (a) + (b)
26,816 25,447 22,670 20,968

Total Capitalization (Non-GAAP) – (a) + (c) $ $ $ $

24,788 23,891 21,836 19,368

Debt-to-Total Capitalization (GAAP) – (b) /
24% 28% 33%
[(a) + (b)] 19%

Net Debt-to-Total Capitalization (Non-
19% 25% 28%
GAAP) – (c) / [(a) + (c)] 13%
Reserves Supplemental Data (Unaudited)
2019 NET PROVED RESERVES RECONCILIATION SUMMARY
United Other
States Trinidad International Total
CRUDE OIL AND CONDENSATE (MMBbl)
Beginning Reserves 1,531.7 0.4 0.2 1,532.3
Revisions (43.0) 0.1 – (42.9)
Purchases in Place 2.9 – – 2.9
Extensions, Discoveries and Other Additions 370.0 – – 370.0
Sales in Place (1.3) – – (1.3)

Production (166.3) (0.2)
(0.1) (166.6)
Ending Reserves 1,694.0 0.3

0.1 1,694.4
NATURAL GAS LIQUIDS (MMBbl)
Beginning Reserves 614.3 – – 614.3
Revisions 5.4 – – 5.4
Extensions, Discoveries and Other Additions 167.8 – – 167.8

Production (48.9)———————————————- (48.9)
Ending Reserves 739.7 – –

739.7

NATURAL GAS (Bcf)
Revisions (184.4) 47.0 2.6 (134.8)
Extensions, Discoveries and Other Additions 1,175.9 87.5

9.7 1,273.1 Sales in
Place (14.5) – – (14.5)
(13.1) (513.0)

58.8 5,369.7
OIL EQUIVALENTS (MMBoe)
Revisions (68.3) 7.9 0.4 (60.0)
Extensions, Discoveries and Other Additions 733.7 14.6 1.7 750.0

(2.2) (300.9)

10.0 3,329.1
Net Proved Developed Reserves (MMBoe)
At December 31, 2018 1,503.4 37.7 7.0 1,548.1
At December 31, 2019 1,684.2 29.9 7.1 1,721.2
2019 EXPLORATION AND DEVELOPMENT EXPENDITURES ($ Millions)
United Other
States Trinidad International Total
Acquisition Cost of Unproved $ $

$ – $ –
Properties 276.1 276.1
Exploration Costs 213.5 46.6 13.2 273.3

Development Costs
5,480.7 24.0 8.1 5,512.8
Total Drilling 5,970.3 70.6 21.3 6,062.2
Acquisition Cost of Proved
379.9 – – 379.9
Properties
Asset Retirement Costs
181.1 1.0 4.0 186.1
Total Exploration and
6,531.3 71.6 25.3 6,628.2
Development Expenditures

Gathering, Processing and Other
269.7 2.4 0.1 272.2
Total Expenditures 6,801.0 74.0 25.4 6,900.4
– –
Proceeds from Sales in Place
(140.3) (140.3)
$ $ $ $
Net Expenditures
6,660.7 74.0 25.4 6,760.1
RESERVE REPLACEMENT

COSTS ($ / Boe ) *
$ $ $ $
All-in Total, Net of Revisions
9.09 3.14 10.14 8.90
All-in Total, Excluding Revisions $ $ $ $
Due to Price 8.36 3.14 10.14 8.21
RESERVE REPLACEMENT *
Drilling Only 260% 91% 77% 249%
All-in Total, Net of Revisions and
240% 140% 95% 233%
Dispositions
All-in Total, Excluding Revisions
261% 140% 95% 253%
Due to Price
All-in Total, Liquids 234% 50% 0% 233%
* See attached reconciliation schedule for calculation methodology
Reconciliation Of Total Exploration And Development Expenditures Calculation Of

Reserve Replacement Costs ($ / BOE)
(Unaudited; in millions, except ratio data)
The following chart reconciles Total Costs Incurred in Exploration and Development Activities
(GAAP) to Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) and
Total Exploration and Development Expenditures (Non-GAAP), as used in the calculation of
Reserve Replacement Costs per Boe. There are numerous ways that industry participants present
Reserve Replacement Costs, including “Drilling Only” and “All-In”, which reflects total exploration
and development expenditures divided by total net proved reserve additions from extensions and
discoveries only, or from all sources. Combined with Reserve Replacement, these statistics
provide management and investors with an indication of the results of the current year capital
investment program. Reserve Replacement Cost statistics are widely recognized and reported by
industry participants and are used by EOG management and other third parties for comparative
purposes within the industry. Please note that the actual cost of adding reserves will vary from
the reported statistics due to timing differences in reserve bookings and capital expenditures.
Accordingly, some analysts use three or five year averages of reported statistics, while others
prefer to estimate future costs. EOG has not included future capital costs to develop proved
undeveloped reserves in exploration and development expenditures.

United Other
For the Twelve Months Ended December 31,

2019 Trinidad
States International Total

Total Costs Incurred in Exploration and $ $ 71.6 $ 25.3
Development Activities (GAAP) 6,531.3 $ 6,628.2
(1.0) (4.0)
Less: Asset Retirement Costs (181.1)
(186.1)
Non-Cash Acquisition Costs of Unproved – –
(97.7)
Properties (97.7)
– –
Total Acquisition Cost of Proved Properties
(379.9) (379.9)
Total Exploration and Development
Expenditures for Drilling Only (Non-
$ $ 70.6 $ 21.3
GAAP) – (a) 5,872.6 $ 5,964.5

Total Costs Incurred in Exploration and $ $ 71.6 $ 25.3

Development Activities (GAAP) 6,531.3 $ 6,628.2
(1.0) (4.0)
(186.1)
(97.7)
Properties (97.7)
Non-Cash Acquisition Costs of Proved – –

Properties (52.3) (52.3)
Total Exploration and Development $ $ 70.6 $ 21.3

Expenditures (Non-GAAP) – (b) 6,200.2 $ 6,292.1

$ $ 74.0 $ 25.4
Total Expenditures (GAAP)
6,801.0 $ 6,900.4
(1.0) (4.0)
(186.1)
(97.7)
Properties (97.7)
Non-Cash Acquisition Costs of Proved – –
(52.3)
Properties (52.3)
– –
Non-Cash Capital – Other Miscellaneous
(1.6) (1.6)
$ $ 73.0 $ 21.4
Total Cash Expenditures (Non-GAAP)
6,468.3 $ 6,562.7

Net Proved Reserve Additions From All Sources

– Oil Equivalents
– –
Revisions Due to Price – (c) (59.7)
(59.7)
7.9 0.4
Revisions Other Than Price (8.6)
(0.3)
– –
Purchases in Place 16.8
16.8
Extensions, Discoveries and Other Additions – 14.6 1.7

(d) 733.7 750.0
22.5 2.1
Total Proved Reserve Additions – (e) 682.2
706.8
– –
Sales in Place
(4.6) (4.6)
Net Proved Reserve Additions From All Sources 22.5 2.1
– (f) 677.6 702.2
16.1 2.2
Production – (g) 282.6
300.9
RESERVE REPLACEMENT COSTS ($ / Boe)
$ $ 4.84 $ 12.53
Total Drilling, Before Revisions – (a / d)
8.00 $ 7.95
$ $ 3.14 $ 10.14
All-in Total, Net of Revisions – (b / e)
9.09 $ 8.90
All-in Total, Excluding Revisions Due to Price – $ $ 3.14 $ 10.14

(b / (e – c)) 8.36 $ 8.21
RESERVE REPLACEMENT
91% 77%
Drilling Only – (d / g) 260%
249%
All-in Total, Net of Revisions and Dispositions – 140% 95%
240%
(f / g) 233%
All-in Total, Excluding Revisions Due to Price – 140% 95%
261%
((f – c ) / g) 253%
Net Proved Reserve Additions From All Sources

– Liquids (MMBbl)
0.1 –
Revisions (37.6)
(37.5)
– –
Purchases in Place 4.9
4.9
Extensions, Discoveries and Other Additions – – –

(h) 537.8 537.8
0.1 –
Total Proved Reserve Additions 505.1
505.2
– –
Sales in Place
(2.2) (2.2)
Net Proved Reserve Additions From All Sources 0.1 –

– (i) 502.9 503.0
0.2 0.1
Production – (j) 215.2
215.5
RESERVE REPLACEMENT – LIQUIDS
0% 0%
Drilling Only – (h / j) 250%
250%
All-in Total, Net of Revisions & Dispositions – (i 50% 0%
234%
/ j) 233%
Reconciliation Of Drillbit Exploration And Development Expenditures Calculation Of

Proved Developed Reserve Replacement Costs ($ / BOE) (Unaudited; In Millions, Except
Ratio Data)
(GAAP) to Drillbit Exploration and Development Expenditures (Non-GAAP), as used in the
calculation of Proved Developed Reserve Replacement Costs per Boe. These statistics provide
management and investors with an indication of the results of the current year capital investment
program. Reserve Replacement Cost statistics are widely recognized and reported by industry
participants and are used by EOG management and other third parties for comparative purposes
within the industry.
For The Twelve Months Ended December 31, 2019

PROVED DEVELOPED RESERVE REPLACEMENT COSTS ($ / Boe)
Total Costs Incurred in Exploration and Development Activities (GAAP)
Total
$ 6,628.2
Less: Asset Retirement

Costs (186.1)
Acquisition Costs of Unproved Properties

(276.1)
Acquisition Cost of Proved Properties

(379.9)
Drillbit Exploration And Development Expenditures (Non-GAAP) – (K)
$ 5,786.1
Total Proved Reserves – Extensions, Discoveries and Other Additions
(MMBoe)
750.0
Add: Conversion of Proved Undeveloped Reserves to Proved

Developed 302.0
Less: Proved Undeveloped Extensions and

Discoveries (578.3)
Proved Developed Reserves – Extensions And Discoveries

(MMBoe) 473.7
Total Proved Reserves – Revisions

(MMBoe) (60.0)
Less: Proved Undeveloped Reserves –

Revisions 49.8
Proved Developed – Revisions Due to Price

59.7
Proved Developed Reserves – Revisions Other Than Price

(MMBoe) 49.5
Proved Developed Reserves – Extensions and discoveries plus Revisions
Other than Price (MMBoe) – (l)

523.2
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) – (k /
l) $ 11.06

Reconciliation of Total Exploration and Development Expenditures For Drilling Only and Total
Exploration and Development Expenditures
Calculation of Reserve Replacement Costs ($ / BOE) (Unaudited; in millions, except ratio data)
(GAAP) to Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) and
Total Exploration and Development Expenditures (Non-GAAP), as used in the calculation of
Reserve Replacement Costs per Boe. There are numerous ways that industry participants
present Reserve Replacement Costs, including “Drilling Only” and “All-In”, which reflect total
exploration and development expenditures divided by total net proved reserve additions from
extensions and discoveries only, or from all sources. Combined with Reserve Replacement, these
statistics provide management and investors with an indication of the results of the current year
capital investment program. Reserve Replacement Cost statistics are widely recognized and
reported by industry participants and are used by EOG management and other third parties for
comparative purposes within the industry. Please note that the actual cost of adding reserves will
vary from the reported statistics due to timing differences in reserve bookings and capital
expenditures. Accordingly, some analysts use three or five year averages of reported statistics,
while others prefer to estimate future costs. EOG has not included future capital costs to develop
proved undeveloped reserves in exploration and development expenditures.
2019 2018 2017 2016 2015 2014

Total Costs Incurred in Exploration and Development $ $ $ $ $ $

Activities (GAAP) 6,628.2 6,419.7 4,439.4 6,445.2 4,928.3 7,904
Less: Asset Retirement

Costs (69.7) (55.6) 19.9 (53.5) (195.6
(186.1)
Non-Cash Acquisition Costs of Unproved
Properties (290.5) (255.7) (3,101.8) – –
(97.7)

Acquisition Costs of Proved Properties
(379.9) (123.7) (72.6) (749.0) (480.6) (139.
Total Exploration and Development Expenditures for $ $ $ $ $

Drilling Only (Non-GAAP) – (a) 5,964.5 5,935.8 4,055.5 2,614.3 4,394.2 7,570

Total Costs Incurred in Exploration and Development $ $ $ $ $ $

Activities (GAAP) 6,628.2 6,419.7 4,439.4 6,445.2 4,928.3 7,904
Less: Asset Retirement Costs (186.1) (69.7) (55.6) 19.9 (53.5) (195.
Non-Cash Acquisition Costs of Unproved Properties (97.7) (290.5) (255.7) (3,101.8) – –
–
Non-Cash Acquisition Costs of Proved Properties
(52.3) (70.9) (26.2) (732.3)
Total Exploration and Development Expenditures (Non- $ $ $ $ $

GAAP) – (b) 6,292.1 5,988.6 4,101.9 2,631.0 4,874.8 7,709

Net Proved Reserve Additions From All Sources – Oil

Equivalents (MMBoe)
Revisions Due to Price – (c) (59.7) 34.8 154.0 (100.7) (573.8) 52.2
Revisions Other Than Price (0.3) (39.5) 48.0 252.9 107.2 48.4
Purchases in Place 16.8 11.6 2.3 42.3 56.2 14.4

Extensions, Discoveries and Other Additions – (d)
750.0 669.7 420.8 209.0 245.9 519.2
Total Proved Reserve Additions – (e) 706.8 676.6 625.1 403.5 (164.5) 634.2

Sales in Place
(4.6) (10.8) (20.7) (167.6) (3.5) (36.3

Net Proved Reserve Additions From All Sources – (f)
702.2 665.8 604.4 235.9 (168.0) 597.9

Production – (g) 300.9 265.0 224.4 207.1 211.2 219.1
RESERVE REPLACEMENT COSTS ($ / Boe)

Total Drilling, Before Revisions – (a / d) $ 7.95 $ 8.86 $ 9.64 $ 12.51 $ 17.87 $ 14.
$
All-in Total, Net of Revisions – (b / e) $ 8.90 $ 8.85 $ 6.56 $ 6.52 $ 12.
(29.63)
All-in Total, Excluding Revisions Due to Price – (b / (e – c)) $ 8.21 $ 9.33 $ 8.71 $ 5.22 $ 11.91 $ 13.
Crude Oil, NGLs And Natural Gas Financial Commodity Derivative Contracts
EOG accounts for financial commodity derivative contracts using the mark-to-market accounting
method.
Prices received by EOG for its crude oil production generally vary from NYMEX West Texas
Intermediate prices due to adjustments for delivery location (basis) and other factors. EOG has
entered into crude oil basis swap contracts in order to fix the differential between pricing in
Midland, Texas, and Cushing, Oklahoma (Midland Differential). Presented below is a
comprehensive summary of EOG’s Midland Differential basis swap contracts through February
19, 2020. The weighted average price differential expressed in $/Bbl represents the amount of
reduction to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the
basis swap contracts.
Midland Differential Basis Swap Contracts
Weighted Average Price
Volume Differential

(Bbld)
($/Bbl)
2019
January 1, 2019 through December 31, 2019 $
20,000
(closed) 1.075
EOG has also entered into crude oil basis swap contracts in order to fix the differential between
pricing in the U.S. Gulf Coast and Cushing, Oklahoma (Gulf Coast Differential). Presented below is
a comprehensive summary of EOG’s Gulf Coast Differential basis swap contracts through
February 19, 2020. The weighted average price differential expressed in $/Bbl represents the
amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld
covered by the basis swap contracts.

Gulf Coast Differential Basis Swap Contracts
Volume Differential

(Bbld)
($/Bbl)
2019
January 1, 2019 through December 31, 2019 $
13,000
(closed) 5.572
EOG has also entered into crude oil swaps to fix the differential in pricing between the NYMEX
calendar month average and the physical crude oil delivery month (Roll Differential). Presented
below is a comprehensive summary of EOG’s Roll Differential swap contracts through February
19, 2020. The weighted average price differential expressed in $/Bbl represents the amount of
addition to delivery month prices for the notional volumes expressed in Bbld covered by the swap
contracts.
Roll Differential Swap Contracts
Volume Differential

(Bbld)
($/Bbl)
2020
$
February 2020 (closed) 10,000
0.70
March 1, 2020 through December 31, 2020 10,000 0.70
Presented below is a comprehensive summary of EOG’s crude oil price swap contracts through
February 19, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl.
Crude Oil Price Swap Contracts
Weighted
Average
Volume Price

(Bbld)
2019 ($/Bbl)
$
April 2019 (closed) 25,000
60.00
May 1, 2019 through December 31, 2019
150,000 62.50
(closed)
2020
January 2020 (closed) 200,000 $
59.33
February 1, 2020 through March 31, 2020 200,000 59.33

April 1, 2020 through June 30, 2020 200,000 59.59
July 1, 2020 through September 30, 2020 107,000 58.94
Presented below is a comprehensive summary of EOG’s Mont Belvieu propane (non-TET) price
swap contracts through February 19, 2020, with notional volumes expressed in Bbld and prices
expressed in $/Bbl.
Mont Belvieu Propane Price Swap Contracts
Weighted
Average
Volume
Price

(Bbld)
($/Bbl)
2020
$
January 2020 (closed) 4,000
21.34
February 2020 4,000 21.34
Presented below is a comprehensive summary of EOG’s natural gas price swap contracts through
February 19, 2020, with notional volumes expressed in MMBtud and prices expressed in
$/MMBtu.
2019
Natural Gas Price Swap Contracts
Weighted
Volume Average Price
(MMBtud) ($/MMBtu)
April 1, 2019 through October 31, 2019 (closed)

250,000 $ 2.90
EOG has also entered into natural gas collar contracts, which establish ceiling and floor prices for
the sale of notional volumes of natural gas as specified in the collar contracts. The collars require
that EOG pay the difference between the ceiling price and the NYMEX Henry Hub natural gas
price for the contract month (Henry Hub Index Price) in the event the Henry Hub Index Price is
above the ceiling price. The collars grant EOG the right to receive the difference between the
floor price and the Henry Hub Index Price in the event the Henry Hub Index Price is below the
floor price. Presented below is a comprehensive summary of EOG’s natural gas collar contracts
through February 19, 2020, with notional volumes expressed in MMBtud and prices expressed in
$/MMBtu.
Natural Gas Collar Contracts
Weighted Average Price ($/MMBtu)
Volume (MMBtud) Ceiling Price Floor Price
2020
April 1, 2020 through October 31, 2020 250,000 $
2.50 $
2.00
Prices received by EOG for its natural gas production generally vary from NYMEX Henry Hub
prices due to adjustments for delivery location (basis) and other factors. EOG has entered into
natural gas basis swap contracts in order to fix the differential between pricing in the Rocky
Mountain area and NYMEX Henry Hub prices (Rockies Differential). Presented below is a
comprehensive summary of EOG’s Rockies Differential basis swap contracts through February
19, 2020. The weighted average price differential expressed in $/MMBtu represents the amount
of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered
by the basis swap contracts.
Rockies Differential Basis Swap Contracts
Volume Differential

(MMBtud)
($/MMBtu)
2020
January 1, 2020 through February 29, 2020 $
30,000
(closed) 0.55
EOG has also entered into natural gas basis swap contracts in order to fix the differential between
pricing at the Houston Ship Channel (HSC) and NYMEX Henry Hub prices (HSC Differential).
Presented below is a comprehensive summary of EOG’s HSC Differential basis swap contracts
through February 19, 2020. The weighted average price differential expressed in $/MMBtu
represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes
expressed in MMBtud covered by the basis swap contracts.

HSC Differential Basis Swap Contracts
Volume Differential

(MMBtud)
($/MMBtu)
2020
60,000
(closed) 0.05
EOG has also entered into natural gas basis swap contracts in order to fix the differential between
pricing at the Waha Hub in West Texas and NYMEX Henry Hub prices (Waha Differential).
Presented below is a comprehensive summary of EOG’s Waha Differential basis swap contracts
through February 19, 2020. The weighted average price differential expressed in $/MMBtu
represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes
expressed in MMBtud covered by the basis swap contracts.
Waha Differential Basis Swap Contracts
Volume Differential

(MMBtud)
($/MMBtu)
2020
50,000
(closed) 1.40
Definitions
Bbld Barrels per day
$/Bbl Dollars per barrel
MMBtud Million British thermal units per day
$/MMBtu Dollars per million British thermal units NYMEX U.S. New York Mercantile Exchange
EOG RESOURCES, INC.
Direct After-Tax Rate of Return (ATROR)

The calculation of our direct after-tax rate of return (ATROR) with respect to our capital
expenditure program for a particular play or well is based on the estimated recoverable reserves
(“net” to EOG’s interest) for all wells in such play or such well (as the case may be), the estimated
net present value (NPV) of the future net cash flows from such reserves (for which we utilize
certain assumptions regarding future commodity prices and operating costs) and our direct net
costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be).
As such, our direct ATROR with respect to our capital expenditures for a particular play or well
cannot be calculated from our consolidated financial statements.
Direct ATROR
Based on Cash Flow and Time Value of Money
Estimated future commodity prices and operating costs

Costs incurred to drill, complete and equip a well, including facilities Excludes Indirect
Capital
Gathering and Processing and other Midstream
Land, Seismic, Geological and Geophysical
Payback ~12 Months on 100% Direct ATROR Wells
First Five Years ~1/2 Estimated Ultimate Recovery Produced but ~3/4 of NPV Captured
Return on Equity / Return on Capital Employed
Based on GAAP Accrual Accounting
Includes All Indirect Capital and Growth Capital for Infrastructure
Eagle Ford, Bakken, Permian Facilities

Gathering and Processing
Includes Legacy Gas Capital and Capital from Mature Wells
Reconciliation of After-Tax Net Interest Expense, Adjusted Net Income , Net Debt and Total
Capitalization
Calculations of Return on Capital Employed and Return on Equity (Unaudited; in millions, except
ratio data)
The following chart reconciles Net Interest Expense (GAAP), Net Income (GAAP), Current and
Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-
GAAP), Adjusted Net Income (Non-GAAP), Net Debt (Non- GAAP) and Total Capitalization (Non-
GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity
(ROE) calculations. EOG believes this presentation may be useful to investors who follow the
practice of some industry analysts who utilize After-Tax Net Interest Expense, Adjusted Net
Income, Net Debt and Total Capitalization (Non-GAAP) in their ROCE and ROE calculations. EOG
2019 2018

2017
Return on Capital Employed
(ROCE) (Non-GAAP)
Net Interest Expense (GAAP) $ 185 $ 245

Tax Benefit Imputed (based on
(39) (51)
21%)
After-Tax Net Interest Expense
$ 146 $ 194
(Non-GAAP) – (a)

Net Income (GAAP) – (b)
Adjustments to Net Income, Net $ 2,735 $ 3,419

of Tax (See Accompanying
158
Schedule) (201) (2)
(1)
Adjusted Net Income (Non-GAAP)
$ 2,893 $ 3,218
– (c)

$ 19,364 $
Total Stockholders’ Equity – (d) $ 21,641
16,283
Average Total Stockholders’

$ 20,503 $ 17,824
Equity * – (e)

Current and Long-Term Debt $ 6,083
$ 5,175
(GAAP) – (f) $ 6,387
(1,556)
Less: Cash (2,028)
(834)
$ 4,527 $
Net Debt (Non-GAAP) – (g) $ 3,147
5,553

Total Capitalization (GAAP) – (d) + $ 25,447 $
$ 26,816
(f) 22,670

Total Capitalization (Non-GAAP) $ 23,891 $
$ 24,788
– (d) + (g) 21,836

Average Total Capitalization
$ 24,340 $ 22,864
(Non-GAAP) * – (h)

ROCE (GAAP Net Income) – [(a) +
11.8% 15.8%
(b)] / (h)

ROCE (Non-GAAP Adjusted Net
12.5% 14.9%
Income) – [(a) + (c)] / (h)

Return on Equity (ROE)
ROE (GAAP Net Income) – (b) / (e) 13.3% 19.2%

ROE (Non-GAAP Adjusted Net
14.1% 18.1%
Income) – (c) / (e)
* Average for the current and

immediately preceding year
Adjustments to Net Income

(GAAP)
See below schedule for detail of adjustments to Net Income (GAAP) in 2019:
Year Ended December 31, 2019
Income
Before After
Tax

Tax Tax
Impact
Adjustments:
Add: Mark-to-Market Commodity $ $ $
Derivative Contracts Impact 51 (11) 40
Add: Impairments of Certain
275 (60) 215
Assets
Less: Net Gains on Asset
27
Dispositions (124) (97)
$ $ $
Total
202 (44) 158
See below schedule for detail of adjustments to Net Income (GAAP) in 2018:
Year Ended December 31, 2018
Income
Before After
Tax

Tax Tax
Impact
Adjustments:
Add: Mark-to-Market Commodity $ $ $
Derivative Contracts Impact (93) 20 (73)
Add: Impairments of Certain
153 (34) 119
Assets
Less: Net Gains on Asset
(175) 38 (137)
Dispositions

Less: Tax Reform Impact –
(110) (110)
$ $ $
Total
(115) (86) (201)
Reconciliation Of After-Tax Net Interest Expense, Net Debt And Total Capitalization
Calculation of Return on Capital Employed (Unaudited; in millions, except ratio data)
The following chart reconciles Net Interest Expense (GAAP), Current and Long-Term Debt (GAAP)
and Total Capitalization (GAAP) to After- Tax Net Interest Expense (Non-GAAP), Net Debt (Non-
GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital
Employed (ROCE) (Non-GAAP) calculation. EOG believes this presentation may be useful to
investors who follow the practice of some industry analysts who utilize After-Tax Net Interest
Expense, Net Debt and Total Capitalization (Non-GAAP) in their ROCE calculation. EOG
2017 2016 2015 2014 2013
Return on Capital Employed (ROCE) (Non-GAAP) (Calculated Using GAAP Net Income)
Net Interest Expense (GAAP) $ 274 $ 282 $ 237 $
201 $ 235
Tax Benefit Imputed (based on 35%) (96) (99) (83)
(70) (82) After-Tax Net Interest Expense (Non-GAAP) –
(a) $ 178 $ 183 $ 154 $ 131
$ 153
Net Income (Loss) (GAAP) – (b) $ 2,583 $ (1,097) $ (4,525) $
2,915 $ 2,197 Total Stockholders’ Equity –
(d) $ 16,283 $ 13,982 $ 12,943 $ 17,713 $ 15,418 Average Total
Stockholders’ Equity * – (e) $ 15,133 $ 13,463
$ 15,328 $ 16,566 $ 14,352
Current and Long-Term Debt (GAAP) – (f) $ 6,387 $ 6,986 $ 6,655
$ 5,906 $ 5,909 Less: Cash
(834) (1,600) (719) (2,087) (1,318)
$ $ $ $
Net Debt (Non-GAAP) – (g) 5,386
5,553 $ 5,936 3,819 4,591

Total Capitalization (GAAP) – (d) + $ $ $ $
20,968
(f) 22,670 $ 19,598 23,619 21,327

Total Capitalization (Non-GAAP) – $ $ $ $
19,368
(d) + (g) 21,836 $ 18,879 21,532 20,009

Average Total Capitalization (Non- $ $ $ $
19,124
GAAP) * – (h) 20,602 $ 20,206 20,771 19,365

-4.8% -21.6% 14.7% 12.1%
(b)] / (h) 13.4%
Return on Equity (ROE) (GAAP)
ROE (GAAP Net Income) – (b) / (e)

-8.1% -29.5% 17.6% 15.3%

17.1%

2012 2011 2010 2009 2008
101 $ 52
(a) $ 139 $ 136 $ 84 $ 66
$ 34
Net Income (Loss) (GAAP) – (b) $ 570 $ 1,091 $ 161 $
547 $ 2,437 Total Stockholders’ Equity – (d) $
13,285 $ 12,641 $ 10,232 $ 9,998 $ 9,015 Average Total
Stockholders’ Equity * – (e) $ 12,963 $ 11,437 $ 10,115 $
9,507 $ 8,003
Current and Long-Term Debt (GAAP) – (f) $ 6,312 $ 5,009 $ 5,223
$ 2,797 $ 1,897 Less: Cash (876)
(616) (789) (686) (331)
$ $ $ $
Net Debt (Non-GAAP) – (g) 4,393
5,436 $ 4,434 2,111 1,566

17,650
(f) 19,597 $ 15,455 12,795 10,912

17,034
(d) + (g) 18,721 $ 14,666 12,109 10,581

15,850
GAAP) * – (h) 17,878 $ 13,388 11,345 9,351

7.7% 1.8% 5.4% 26.4%
(b)] / (h) 4.0%


9.5% 1.6% 5.8% 30.5%

4.4%

2007 2006 2005 2004 2003

63 $ 59
(a) $ 31 $ 28 $ 41 $ 41
$ 38
Net Income (Loss) (GAAP) – (b) $ 1,090 $ 1,300 $ 1,260 $
625 $ 430 Total Stockholders’ Equity –
(d) $ 6,990 $ 5,600 $ 4,316 $
2,945 $ 2,223 Average Total Stockholders’ Equity * – (e) $ 6,295 $
4,958 $ 3,631 $ 2,584 $ 1,948
Current and Long-Term Debt (GAAP) – (f) $ 1,185 $ 733 $ 985
$ 1,078 $ 1,109 Less: Cash (54)
(218) (644) (21) (4)
$ $ $ $
Net Debt (Non-GAAP) – (g) 515
1,131 $ 341 1,057 1,105

6,333
(f) 8,175 $ 5,301 4,023 3,332

6,115
(d) + (g) 8,121 $ 4,657 4,002 3,328

5,386
GAAP) * – (h) 7,118 $ 4,330 3,665 3,068

24.7% 30.0% 18.2% 15.3%
(b)] / (h) 15.7%


26.2% 34.7% 24.2% 22.1%

17.3%

2002 2001 2000 1999 1998

62
(22) After-Tax Net Interest Expense (Non-GAAP) –
(a) $ 39 $ 29 $ 40
$ 40
Net Income (Loss) (GAAP) – (b) $ 87 $ 399 $ 397 $
569
Total Stockholders’ Equity – (d) $ 1,672 $ 1,643 $ 1,381 $
1,130 $ 1,280 Average Total Stockholders’ Equity *
– (e) $ 1,658 $ 1,512 $ 1,256 $
1,205
Current and Long-Term Debt (GAAP) – (f) $ 1,145 $ 856 $ 859
$ 990 $ 1,143 Less: Cash (10)
(3) (20) (25) (6)
$ $ $ $
Net Debt (Non-GAAP) – (g) 853
1,135 $ 839 965 1,137

2,499
(f) 2,817 $ 2,240 2,120 2,423

2,496
(d) + (g) 2,807 $ 2,220 2,095 2,417

Average Total Capitalization (Non- $ $ $
2,358
GAAP) * – (h) 2,652 $ 2,158 2,256

18.2% 20.2% 27.0%
(b)] / (h) 4.8%


26.4% 31.6% 47.2%
5.2%

Cash Operating Expenses per Barrel of Oil Equivalent (Boe) (Unaudited; in thousands, except per
Boe amounts)
Year Ended December 31,

2019
2018 2017 2016 2015 2014
Cash Operating Expenses

(GAAP)*
$ $ $ $ $ $
Lease and Well
1,366,993 1,282,678 1,044,847 927,452 1,182,282 1,416,413
Transportation Costs 758,300 746,876 740,352 764,106 849,319 972,176

General and Administrative
489,397 426,969 434,467 394,815 366,594 402,010
Cash Operating Expenses 2,614,690 2,456,523 2,219,666 2,086,373 2,398,195 2,790,599
Less: Legal Settlement – Early
– – (10,202) – (19,355) –
Leasehold Termination
Less: Voluntary Retirement
– – – (42,054) – –
Expense
Less: Acquisition Costs –
– – – (5,100) – –
Yates Transaction
Less: Joint Venture
– – (3,056) – – –
Transaction Costs
Less: Joint Interest Billings
– –
Deemed Uncollectible (4,528) – – –
Adjusted Cash Operating $ $ $ $ $ $
Expenses (Non-GAAP) – (a) 2,614,690 2,456,523 2,201,880 2,039,219 2,378,840 2,790,599
Volume – Thousand Barrels of
298,565 262,516 222,251 204,929 208,862 217,073
Oil Equivalent – (b)
Adjusted Cash Operating Expenses Per Boe (Non-GAAP) – (a) / (b) $ 8.76 (c) $ 9.36
(d) $ 9.91 (e) $ 9.95 (f) $ 11.39 (g)
$ 12.86 (h)
Adjusted Cash Operating Expenses Per Boe (Non-GAAP) – Percentage Decrease
2019 compared to 2018 – [(c) – (d)] / (d) -6%
2019 compared to 2017 – [(c) – (e)] / (e) -12%
2019 compared to 2016 – [(c) – (f)] / (f) -12%

2019 compared to 2015 – [(c) – (g)] / (g) -23%
2019 compared to 2014 – [(c) – (h)] / (h) -32%
* Includes stock compensation expense and other non-cash items.
Cost per Barrel of Oil Equivalent (Boe) (Unaudited; in thousands, except per Boe amounts)
Three Months Ended
September December
March 31, June 30,
30, 31,

2019 2019
2019 2019
Volume – Thousand Barrels of Oil

69,623 73,964 76,748 78,231
Equivalent – (a)
$ $ $ $
2,200,403 2,528,866 2,418,989 2,464,274
Natural Gas Liquids 218,638 186,374 164,736 215,070

Natural Gas
334,972 269,892 269,625 309,606
$ $ $ $
Total Wellhead Revenues – (b)
2,754,013 2,985,132 2,853,350 2,988,950

Operating Costs
$ $ $ $
Lease and Well
336,291 347,281 348,883 334,538
Transportation Costs 176,522 174,101 199,365 208,312

Gathering and Processing Costs 111,295 112,643 127,549 127,615
General and Administrative 106,672 121,780 135,758 125,187
Taxes Other Than Income 192,906 204,414 203,098 199,746

54,906 49,908 39,620 40,695
Total Cash Operating Cost (excluding DD&A and Total Exploration Costs) – (c)
$ 978,592
$ 1,010,127
$ 1,054,273
$ 1,036,093
Depreciation, Depletion and

Amortization (DD&A) 879,595 957,304 953,597 959,208
Total Operating Cost (excluding Total $ $ $ $
Exploration Costs) – (d) 1,858,187 1,967,431 2,007,870 1,995,301
$ $
Exploration Costs $ 32,522 $ 36,495
36,324 34,540
Dry Hole Costs 94 3,769 24,138 –

Impairments
72,356 112,130 105,275 228,135
Total Exploration Costs 108,774 148,421 163,953 264,630

Less: Impairments (Non-GAAP)
(23,745) (65,289) (27,215) (158,725)
$ $ $ $
Total Exploration Costs (Non-GAAP)
85,029 83,132 136,738 105,905

Total Operating Cost (Non-GAAP)

(including Total
$ $ $ $
Exploration Costs) – (e)
1,943,216 2,050,563 2,144,608 2,101,206

Composite Average Wellhead Revenue $ $ $ $

per Boe – (b) / (a) 39.56 40.36 37.18 38.21
Total Cash Operating Cost per Boe

(excluding DD&A
$ $ $ $
and Total Exploration Costs) – (c) / (a)
14.06 13.65 13.75 13.24
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) – [(b) / (a) – (c) /
(a)]
$ 25.50
$ 26.71
$ 23.43
$ 24.97
Total Operating Cost per Boe (excluding Total Exploration Costs) – (d) / (a)
$ 26.69
$ 26.59
$ 26.18
$ 25.50

Composite Average Margin per Boe (excluding Total Exploration Costs) – [(b) / (a) – (d) / (a)]
$ 12.87
$ 13.77
$ 11.00
$ 12.71
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) – (e) / (a)
$ 27.91
$ 27.72
$ 27.97
$ 26.85
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) – [(b) / (a) –
(e) / (a)]
$ 11.65
$ 12.64
$ 9.21
$ 11.36
Year Ended
December 31,

2019 2018 2017
Volume – Thousand Barrels of Oil Equivalent
298,565 262,516 222,251
– (a)
$ $ $
9,612,532 9,517,440 6,256,396
Natural Gas Liquids 784,818 1,127,510 729,561

Natural Gas
1,184,095 1,301,537 921,934
$ $ $
Total Wellhead Revenues – (b)
11,581,445 11,946,487 7,907,891
Operating Costs
$ $ $
Lease and Well
1,366,993 1,282,678 1,044,847
Transportation Costs 758,300 746,876 740,352
Gathering and Processing Costs 479,102 436,973 148,775
General and Administrative 489,397 426,969 434,467
Less: Legal Settlement – Early Leasehold
– – (10,202)
Termination
Less: Joint Venture Transaction Costs – – (3,056)
Less: Joint Interest Billings Deemed – –
Uncollectible (4,528)
489,397 426,969
General and Administrative (Non-GAAP)
416,681
800,164 772,481
Taxes Other Than Income
544,662
185,129 245,052
274,372
Total Cash Operating Cost (Non-GAAP)

(excluding DD&A
$ $ $
and Total Exploration Costs) – (c)
4,079,085 3,911,029 3,169,689
(DD&A)

Total Operating Cost (Non-GAAP) (excluding 3,749,704 3,435,408 3,409,387
Total
$ $ $
Exploration Costs) – (d)
7,828,789 7,346,437 6,579,076
$ $ $
Exploration Costs
139,881 148,999 145,342
Dry Hole Costs 28,001 5,405 4,609

Impairments
517,896 347,021 479,240
Total Exploration Costs 685,778 501,425 629,191

(274,974) (152,671) (261,452)
$ $ $
Total Exploration Costs (Non-GAAP)
410,804 348,754 367,739

Total Operating Cost (Non-GAAP) (including

Total
$ $ $
8,239,593 7,695,191 6,946,815

Composite Average Wellhead Revenue per $ $ $
Boe – (b) / (a) 38.79 45.51 35.58
Total Cash Operating Cost per Boe (Non-

GAAP)
(excluding DD&A and Total Exploration Costs) $ $ $

– (c) / (a) 13.66 14.90 14.25

Composite Average Margin per Boe (Non-

GAAP) (excluding
DD&A and Total Exploration Costs) – [(b) / (a) $ $ $

– (c) / (a)] 25.13 30.61 21.33
Total Operating Cost per Boe (Non-GAAP)

(excluding
$ $ $
Total Exploration Costs) – (d) / (a)
26.22 27.99 29.59
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) – [(b) / (a) –
(d) / (a)]
$ 12.57
$ 17.52
$ 5.99
$ 27.60
$ 29.32
$ 31.24
(e) / (a)]
$ 11.19
$ 16.19
$ 4.34

Year Ended
December 31,

2016 2015 2014
Volume – Thousand Barrels of Oil Equivalent
204,929 208,862 217,073
– (a)
$ $ $
4,317,341 4,934,562 9,742,480
Natural Gas Liquids 437,250 407,658 934,051

Natural Gas
742,152 1,061,038 1,916,386
$ $
Total Wellhead Revenues – (b) $ 12,592,917
5,496,743 6,403,258
Operating Costs
$ $ $
Lease and Well
927,452 1,182,282 1,416,413
Transportation Costs 764,106 849,319 972,176
Gathering and Processing Costs 122,901 146,156 145,800
General and Administrative 394,815 366,594 402,010
Less: Voluntary Retirement Expense (42,054) – –
Less: Acquisition Costs (5,100) – –
Less: Legal Settlement – Early Leasehold
–
Termination – (19,355)
General and Administrative (Non-GAAP) 347,661 347,239 402,010
Taxes Other Than Income 349,710 421,744 757,564

281,681 237,393 201,458
Total Cash Operating Cost (Non-GAAP)

(excluding DD&A
$ $ $
and Total Exploration Costs) – (c)
2,793,511 3,184,133 3,895,421
(DD&A)

Total Operating Cost (Non-GAAP) (excluding 3,553,417 3,313,644 3,997,041
Total
$ $ $
Exploration Costs) – (d)
6,346,928 6,497,777 7,892,462
$ $ $
Exploration Costs
124,953 149,494 184,388
Dry Hole Costs 10,657 14,746 48,490

Impairments
620,267 6,613,546 743,575
Total Exploration Costs 755,877 6,777,786 976,453

(320,617) (6,307,593) (824,312)
Total Exploration Costs (Non-GAAP) $ $ $
435,260 470,193 152,141

Total Operating Cost (Non-GAAP) (including

Total
$ $ $
6,782,188 6,967,970 8,044,603

Composite Average Wellhead Revenue per $ $ $

Boe – (b) / (a) 26.82 30.66 58.01
Total Cash Operating Cost per Boe (Non-

GAAP)
(excluding DD&A and Total Exploration Costs) $ $ $

– (c) / (a) 13.64 15.25 17.95

Composite Average Margin per Boe (Non-

GAAP) (excluding
DD&A and Total Exploration Costs) – [(b) / (a) $ $ $

– (c) / (a)] 13.18 15.41 40.06
Total Operating Cost per Boe (Non-GAAP)

(excluding
$ $ $
Total Exploration Costs) – (d) / (a)
30.98 31.11 36.38
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) – [(b) / (a) –
(d) / (a)]
$ (4.16)
$ (0.45)
$ 21.63
$ 33.10
$ 33.36
$ 37.08

(e) / (a)]
$ (6.28)
$ (2.70)
$ 20.93
EOG RESOURCES, INC.
First Quarter and Full Year 2020 Forecast and Benchmark Commodity Pricing
First Quarter and Full Year 2020 Forecast
The forecast items for the first quarter and full year 2020 set forth below for EOG Resources, Inc.
(EOG) are based on current available information and expectations as of the date of the
accompanying press release. EOG undertakes no obligation, other than as required by applicable
law, to update or revise this forecast, whether as a result of new information, subsequent events,
anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in
conjunction with the accompanying press release and EOG’s related Current Report on Form 8-K
filing, replaces and supersedes any previously issued guidance or forecast.
Capital Expenditures
The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold
Acquisitions, Capitalized Interest, Exploration Costs, Dry Hole Costs and Other Property, Plant
and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs and any
Non-Cash Exchanges.
Benchmark Commodity Pricing
EOG bases United States and Trinidad crude oil and condensate price differentials upon the West
Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX
settlement prices for each trading day within the applicable calendar month.
EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub,
Louisiana, using the simple average of the NYMEX settlement prices for the last three trading
days of the applicable month.

Estimated Ranges (Unaudited)
1Q 2020 Full Year 2020
Daily Sales Volumes
Crude Oil and Condensate Volumes (MBbld)
–
United States 479.0 – 487.0 499.0
517.6
–
Trinidad 0.5 – 0.7 1.0
1.2
–
Other International 0.0 – 0.2 0.0
0.2
–
Total 479.5 – 487.9 500.0
519.0
Natural Gas Liquids Volumes (MBbld)
Total 150.0 – 160.0 157.0 –

177.0
Natural Gas Volumes (MMcfd)
–
United States 1,090 – 1,150 1,135
1,235
–
Trinidad 185 – 215 215
255
–
Other International 25 – 35 25
35
–
Total 1,300 – 1,400 1,375
1,525
Crude Oil Equivalent Volumes (MBoed)
–
United States 810.7 – 838.7 845.2
900.4
–
Trinidad 31.3 – 36.5 36.8
43.7
–
Other International 4.2 – 6.0 4.2
6.0
–
Total 846.2 – 881.2 886.2
950.1
Capital Expenditures ($MM) $ 1,850 – $ 2,050

$ 6,300 – $ 6,700
Estimated Ranges (Unaudited)
1Q 2020 Full Year 2020

Operating Costs

Unit Costs ($/Boe)
– $ – $
Lease and Well $ 4.30 $ 4.20
4.80 4.80
– $ – $
Transportation Costs $ 2.40 $ 2.30
2.80 2.70
– $ – $
General and Administrative $ 1.55 $ 1.55
1.65 1.65
– $ – $
Gathering and Processing $ 1.70 $ 1.60
1.80 1.80
Depreciation, Depletion and – $ – $
$ 13.00 $ 12.15
Amortization 13.50 13.15

Expenses ($MM)
– $ – $
Exploration and Dry Hole $ 40 $ 145
50 185
– $ – $
Impairment $ 80 $ 325
90 365
– $ – $
Capitalized Interest $ 9 $ 37
11 43
– $ – $
Net Interest $ 39 $ 136
41 140
Taxes Other Than Income (% of – –
7.0% 7.0%
Wellhead Revenue) 8.0% 8.0%

Income Taxes Effective Rate – –
21% 21%
26% 26%
Current Tax (Benefit) / Expense – $ – $

$ (15) $ 5
($MM) 30 50
Pricing – (Refer to Benchmark Commodity Pricing in text) Crude Oil and Condensate ($/Bbl)
Differentials
United States – above (below) $ – $

$ (0.10) – $ 0.90
WTI (0.50) 1.50
– $ $ – $
Trinidad – above (below) WTI $ (11.00)
(9.00) (11.50) (9.50)
Other International – above $ – $
$ 0.75 – $ 4.75
(below) WTI (0.65) 1.35
Natural Gas Liquids
Realizations as % of WTI 21% – 27% 21%

– 27%
Natural Gas ($/Mcf) Differentials
United States – above (below) NYMEX Henry Hub $ (0.70) – $ (0.30) $
(0.90) – $ (0.30)

Realizations
– $
Trinidad $ 2.40 – $ 2.80 $ 2.50
3.20
– $
Other International $ 4.00 – $ 4.50 $ 3.85
4.85
Definitions
$/Bbl U.S. Dollars per barrel
$/Boe U.S. Dollars per barrel of oil equivalent
$/Mcf U.S. Dollars per thousand cubic feet
$MM U.S. Dollars in millions MBbld Thousand barrels per day
MBoed Thousand barrels of oil equivalent per day MMcfd Million cubic feet per day
NYMEX U.S. New York Mercantile Exchange WTI West Texas Intermediate
http://investors.eogresources.com/Cache/IRCache/1b03803a-9ac9-68de-48b0-
b0cfd1bbc7c2.PDF?O=PDF&T=&Y=&D=&FID=1b03803a-9ac9-68de-48b0-
b0cfd1bbc7c2&iid=4075407
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EOG RESOURCES REPORTS EXCELLENT FOURTH QUARTER AND FULL YEAR

Increased Common Stock Dividend by 30 Percent to $1.50 Indicated Annual Rate

$5.54 per share, for the full year 2018.

Fourth Quarter and Full Year 2019 Operating Review

2020 Capital Plan

Fourth Quarter 2019 Results Webcast

Media and Investor Contact

Kimberly Ehmer 713 571 4676

(Unaudited; in millions, except per share data)

Three Months Ended Twelve Months Ended

December 31, December 31,

Summary Income Statements (Unaudited; in thousands, except per share data)

Three Months Ended Twelve Months Ended

Gathering, Processing and 1,238,792 5,360,282

EOG RESOURCES, INC.

Operating Highlights (Unaudited)

Three Months Ended Twelve Months Ended

Average Crude Oil and Condensate Prices ($/Bbl) (C)

Natural Gas Liquids

United States 144.0 122.8 17% 134.1 116.1 16%

Average Natural Gas

Natural Gas Volumes

United States 1,148 974 18% 1,069 923 16%

Average Natural Gas

United States 803.6 715.5 12% 767.8 664.7 16%

Total MMBoe (D) 78.2 70.3

Thousand barrels per day or million cubic feet per day, as

Summary Balance Sheets (Unaudited; in thousands, except share data)

December 31, December 31,

Oil and Gas Properties (Successful Efforts Method) 62,830,415 57,330,016

LIABILITIES AND STOCKHOLDERS’ EQUITY

Long-Term Debt 4,160,919 5,170,169

Additional Paid in Capital 5,817,475 5,658,794

Total Stockholders’ Equity 21,640,716 19,364,188

EOG RESOURCES, INC.

Summary Statements of Cash Flows

Three Months Ended Twelve Months Ended

Cash Flows from Operating Activities

Reconciliation of Net Income to Net Cash

Net Cash Used in Investing Activities (1,197,027) (1,291,894) (6,177,173) (6,170,162)

FOURTH QUARTER 2019 WELL RESULTS BY PLAY (UNAUDITED)

Wells On Line Initial Gross 30-Day Average Production

Crude Oil Natural

Gross (Bbld) (MMcfd)

EOG RESOURCES, INC.

Three Months Ended Three Months Ended

December 31, 2019 December 31, 2018

(Gains) Losses on Mark-to-Market Commodity

Derivative Contracts 62,347 (13,684) 48,663

Net Cash Received from (Payments for)

Diluted 580,849 580,288

Twelve Months Ended Twelve Months Ended

December 31, 2019 December 31, 2018

Income Diluted Income Diluted

(Gains) Losses on Mark-to-Market Commodity

Derivative Contracts (180,275) 39,567 (140,708) (0.24)

Net Cash Received from (Payments for)

Diluted 580,777 580,441

Reconciliation of Discretionary Cash Flow (Unaudited; in thousands)

Calculation of Free Cash Flow (Unaudited; in thousands)